Bitcoin surged to $81,400, driven by a rebound in technology stocks and a $176 million inflow into ETFs. PEPE outperformed other major cryptocurrencies.
Bitcoin rebounded to $81,400 after falling below $80,000. During the same period, Ethereum gained 0.9%, while the CoinDesk Memecoin Index rose 1.3%. This movement coincided with a strong recovery in Asian technology stocks.
South Korea’s Kospi Index rose 6.6%, while AI chip maker SK Hynix gained nearly 11%. The company’s announcement of a sevenfold increase in profits boosted risk appetite in AI-related stocks. Nasdaq-100 futures also rose 0.5%.
On the institutional demand side, US spot Bitcoin ETFs recorded a net inflow of $176 million on Tuesday, marking the second consecutive trading day with positive gains for the funds. ETF flows are closely watched by investors as they can directly generate demand for Bitcoin.
One of the most notable movements in the altcoin market was seen in PEPE. The Ethereum-based memecoin surged by approximately 9.4%, exhibiting one of the strongest performances within the CoinDesk 100 Index. This movement coincided with Arkham Intelligence’s announcement that wallets linked to Tron founder Justin Sun held approximately $51 million worth of PEPE.
However, a definitive cause-and-effect relationship between wallet data and price increases has not been established. The announcement that a large investor holds tokens may increase short-term interest, but it does not guarantee that the assets will not be sold.
Total trading volume in the futures market increased by 7.5% to $163.2 billion. However, the increase in open positions remained at 1.3%. This indicates that trading has accelerated, but investors have not increased their total leveraged risk to the same extent.
Prices reflect the market outlook at the time of writing. Since intraday levels in the crypto market can change rapidly, the upward trend should not be assumed to be permanent.
*This is not investment advice.
